Whole of Market . Independent advice. • 

Moving to a new house can be an exciting but stressful time.

It is a life-changing decision, and whether you’re moving to your dream home or downsizing, it’s important to get the right mortgage for your circumstances.

Even though you may have been through the mortgage process before, that doesn’t necessarily mean it will be any easier this time around. With the added burden of trying to sell your existing home, it can be even more stressful than before.

Most lenders will ask for a minimum deposit of 5% but the larger your deposit, the better the interest rate you’ll get. This is due to the risk the Lender has to take in case the property value was to fall.

One option is to port your existing mortgage to a new property. If your new home is of a similar value to your current one, porting your existing mortgage could be an ideal option if your current lender will allow it. This is often the cheapest way as you wouldn’t need to pay any more arrangement or valuation fees.

If you need to increase the size of your loan to buy a more expensive property, you’ll also need to meet the lender’s borrowing criteria for that extra amount.

As an alternative to porting and increasing your existing mortgage, you may decide to take out a new mortgage with a new provider if you can find a better deal. Be aware that you may need to pay early repayment charges and other fees to end your current mortgage deal.

However, at Q Mortgages we can make a number of careful calculations to see which would be the most cost-effective option for you.

Your home may be repossessed if you do not keep up repayments on your mortgage

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